LONDON--(BUSINESS WIRE)--The global food-grade industrial gases marketsize is poised to reach USD 3.42 billion by 2023, according to a new report by Technavio, progressing at a CAGR of more than 8% during the forecast period. The launch of several new products using food-grade gases is projected to augment the market over the forecast period.

Key suggestions from the report:

Carbon dioxide segment represented over 45% of the overall volume in 2018 owing to the increasing demand for packaged food products and carbonated beverages.

Nitrogen segment is likely to register a CAGR of more than 8% in terms of revenue from 2019 to 2023 on account of the numerous applications of nitrogen in food and beverage industry and the growing demand for packaged food.

Oxygen segment commanded close to 10% of food-grade industrial gases volume share in 2018, owing to their increased applications in the food and beverage sector.

The North American food-grade industrial gases market accounted for close to 33% of the overall revenue in 2018, on account of an increasing number of craft breweries in North America.

The market is moderately fragmented with a number of players occupying the market share. In addition, the increasing launch of new products by vendors in the market is likely to intensify the competition among players.

Read a 126-page research report with TOC on "Food-grade industrial gases Market Analysis Report by product (carbon dioxide, nitrogen, oxygen, and others) and segment forecasts for 2019 to 2023" at

The food-grade industrial gases market is witnessing a significant increase in the launch of new products by vendors. Successful new product launches help vendors to increase their revenue flow and market share. The increasing launch of new products using food-grade gases for preservation as well as enhancement of food products will positively impact the growth of the food-grade industrial gases market.

Several countries across the world, especially countries in Europe and North America, have witnessed significant growth in the number of microbreweries in the last few years. The US, the UK, and Germany have the greatest number of microbreweries in the world. The increasing number of microbreweries globally will increase the demand for food-grade industrial gases that are used at various stages of beer production, shipment, and storage.

The consumption of food products that are chilled and preserved using industrial gases can cause various health issues among consumers. For instance, the consumption of foods such as ice cream, cereal, and cocktails prepared using liquid nitrogen can cause serious injury including internal organ damage. The various health issues due to industrial gases hamper the growth of the food-grade industrial gases market during the forecast period.

Technavio has segmented the global food-grade industrial gases market based on the product (carbon dioxide, nitrogen, oxygen, and others) and region (APAC, Europe, North America, South America, and MEA).

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